site specific information

Transcription

Integra Realty Resources
Raleigh
Consulting Report
Timber Hollow Apartments Expansion
Multifamily Property
101 Timber Hollow Court
Chapel Hill, Orange County, North Carolina 27514
Client Reference: Timber Hollow Apartments
Prepared For:
Blue Heron Real Estate Opportunity Fund I, LLC
Effective Date of the Report:
February 18, 2013
IRR - Raleigh
File Number: 167-2013-0059
Chapel Hill, North Carolina
Raleigh
8382 Six Forks Road
Suite 200
Raleigh, NC 27615
T 919.847.1717
F 919.847.1714
www.irr.com
February 27, 2013
Mr. Ron Strom
Principal
111 Cloister Court
Chapel Hill, North Carolina 27514
SUBJECT:
Consulting Report
Chapel Hill, Orange County, North Carolina 27514
Client Reference: Timber Hollow Apartments
Integra Raleigh File No. 167-2013-0059
Dear Mr. Strom:
Integra Realty Resources – Raleigh is pleased to submit the accompanying consulting
report of the referenced property to assist in determining what effect, if any, the
proposed expansion of the existing apartment community will have on adjoining
property values. This report considers the existing land use characteristics
surrounding the subject property and examines the impact of other similar multifamily projects in the region on surrounding property values. Our analyses of these
items are detailed within this consulting report. The client for the assignment is Blue
Heron Real Estate Opportunity Fund I, LLC.
The report is intended to conform to the Uniform Standards of Professional Appraisal
Practice (USPAP), the Code of Professional Ethics and Standards of Professional
Appraisal Practice of the Appraisal Institute and applicable state appraisal
regulations.
The subject is an existing multifamily property containing 198 dwelling units. The
improvements were constructed in 1987 and are 98% leased as of the effective
Mr. Ron Strom
February 27, 2013
Page 2
appraisal date. The site area for density calculations is 19.55 acres or 851,467 square
feet. The deeded land area is 17.7745 acres or 774,257 square feet.
The proposed expansion of the development will entail 95 units in the area of the
existing clubhouse, which will be demolished, and along the frontage of Martin
Luther King, Jr. Boulevard, along with construction of a new clubhouse of 6,000
square feet and approximately 110 new parking spaces. The will be no increase in
proximity of the apartments to neighboring residential properties to the east. The
proposed development will require a rezoning from R-4 with a special use permit to
R-5, which is consistent with the Shadowood Apartment development to the south
and the Chapel Hill 2020 comprehensive plan.
Based on the analysis and information provided in this report, we have concluded that
the proposed redevelopment outlined above is located, designed and proposed to be
operated in a manner to maintain or enhance the value of contiguous property.
If you have any questions or comments, please contact the undersigned. Thank you
for the opportunity to be of service.
Respectfully submitted,
INTEGRA REALTY RESOURCES - RALEIGH
Chris R. Morris, MAI, FRICS
Certified General Real Estate Appraiser
North Carolina Certificate # A266
Telephone: 919-847-1717, ext. 101
Email: [email protected]
TIMBER HOLLOW APARTMENTS EXPANSION
GENERAL INFORMATION
GENERAL INFORMATION
IDENTIFICATION OF SUBJECT
improvements were constructed in 1987 and are 98% leased as of the effective appraisal date.
The site area for density calculations is 19.55 acres or 851,467 square feet. The deeded land
area is 17.7745 acres or 774,257 square feet. A legal description of the property follows the
land description.
PROPERTY IDENTIFICATION
Chapel Hill, North Carolina 27514
Tax ID
9789-37-6215
Legal Description
Parcels A & B, Map File W-3866, R. B. Pharr and Associates, P.A.
Census Tract Number 119.01
Property Name
Address
The owner of record is BH-East of North, LLC. This party acquired the property from 101
Timber Hollow LLC on November 9, 2012 for a price of $12,600,000. The transaction is
recorded in Deed Book 5483, Page 582 of the Orange County Register of Deeds.
Existing Project
The existing project is a 198 unit apartment development known as Timber Hollow
Apartments. Tis development is contained within 10 buildings, including a clubhouse. The
property is located in the northeast corner of MLK, Jr. Boulevard and Piney Mountain Road,
with additional frontage on Mendel Drive and Timber Hollow Drive. Surrounding land uses
include Shadowood Apartments and Coker Woods subdivision to the south, Forest Creek
residential subdivision to the east (200 ft. buffer from apartment buildings), Church of Jesus
Christ of Latter Day Saints to the north and the Carolina North planned development to the
west. The existing zoning is R-4 with a special use permit, which allows 198 apartment units
on the tract.
Proposed Project
The proposed development will entail demolishing the existing clubhouse at MLK Jr.
Boulevard and Timber Hollow Drive, which will be replaced with a 6,000 square foot
clubhouse on the interior of the property. The area of the existing clubhouse will be
redeveloped with a 4 story apartment building containing 79 units and an underground
parking garage. In addition, 4 row house buildings containing 4 units each or 16 units total
are proposed for the frontage of MLK, Jr. Boulevard. These will be 3 story structures with
rear entry garages on the ground floor. As part of the redevelopment, approximately 110
parking spaces will be added to the site. The proposed development will require a rezoning of
the property to R-5 along with a reduction in the buffer along MLK, Jr. Boulevard from 50
feet to 30 feet. However, the 200’ buffer along the eastern boundary with Forest Creek
subdivision would be maintained.
GENERAL INFORMATION
PURPOSE OF THE ASSIGNMENT
The purpose of the consulting report is to develop an opinion as to whether the proposed
redevelopment reduces, maintains or enhances the value of contiguous property as of the
effective date of inspection, February 18, 2013. The date of the report is February 27, 2013.
CLIENT, INTENDED USER AND INTENDED USE
The client and intended user is Blue Heron Real Estate Opportunity Fund I, LLC. The
intended use is for consulting purposes, which could include review by the Town of Chapel
Hill as part of the rezoning application. Integra Realty Resources-Raleigh is not responsible
for unauthorized use of this report.
APPLICABLE REQUIREMENTS
This report is intended to conform to the requirements of the following:
 Uniform Standards of Professional Appraisal Practice (USPAP);
 Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute;
 Applicable state appraisal regulations;
PRIOR SERVICES
USPAP requires appraisers to disclose to the client any services they have provided in
connection with the subject property in the prior three years, including valuation, consulting,
property management, brokerage, or any other services. We have performed no other
services, as an appraiser or in any other capacity, regarding the property that is the subject of
this report within the three-year period immediately preceding acceptance of this assignment.
SCOPE OF WORK
Chris R. Morris, MAI, FRICS conducted research included in this impact study report. An
on-site inspection of the property and surrounding area was conducted on February 18, 2013.
Photographs of the property were also taken on this date.
We identified the subject through site plans, plats, tax records, and relevant owner
information, and assembled information about the characteristics of the property that are
relevant to the value of the properties surrounding the site for the intended use of the report.
RESEARCH AND ANALYSIS
Additional steps taken to gather, confirm, and analyze relevant data, are detailed in individual
sections of the report. To perform this assignment, we took the following steps to gather,
confirm, and analyze relevant data. To understand the potential impact of the project on
surrounding properties, we have analyzed/utilized the following sources:

Orange, Durham and Wake County tax and deed records;

Triangle Multiple Listing Service;

Employees of state and local government agencies and records including zoning,
GENERAL INFORMATION
planning and development officials;

It is specifically noted that the data contained in this report is believed to be reliable.
SITE SPECIFIC INFORMATION
SURROUNDING NEIGHBORHOOD
The subject property is located in the northeast corner of MLK, Jr. Boulevard and Piney
Mountain Road on the north side of Chapel Hill. The property is located directly across from
the Carolina North tract, which is owned by the University of North Carolina and comprises
approximately 947 acres within the Chapel Hill and Carrboro corporate limits. MLK, Jr.
Boulevard is the primary connector between the northern portion of Chapel Hill and the main
UNC-CH campus south of Franklin Street. As of 2011, the estimated traffic volume on
MLK, Jt. Boulevard was 28,000 cars, with 3,500 cars daily on Piney Mountain Road. Maps
depicting the location of the subject and the Carolina North project are presented on the
following pages.
AERIAL MAP
TRAFFIC COUNT MAP
CAROLINA NORTH TRACT (947 ACRES)
CAROLINA NORTH (INITIAL 133 ACRES)
The Carolina North approved development identifies a 250 acre footprint for creating a world
class research and learning campus to accommodate University growth over the next 50
years. This property is zoned U-1 by the Town of Chapel Hill and will allow for mixed-use
activities along MLK, Jr. Boulevard to support interaction between campus and town. The
building height along MLK, Jr. Boulevard for Carolina North is projected at 6 to 8 stories.
Other uses surrounding the subject include Shadowood Apartments in the southeast corner of
MLK, Jr. Boulevard and Piney Mountain Road to the south, along with the Coker Woods
subdivision, Forest Creek subdivision to the east and the Church of Jesus Christ of Latter
Day Saints to the north.
ZONING
The subject property is currently zoned R-4 with a special use permit by the Town of Chapel
Hill. The standard maximum density in the R-4 district is 10 units per acre and the subject
development was originally approved as part of a larger parcel, which includes the Church of
Jesus Christ of Latter Day Saints to the north. The church property was split from the parent
tract after zoning approval, which necessitated the modification of the original special use
permit to allow the 198 units on 19.55 acres, which includes land area outside the property
boundaries, such as right of way, dedicated open space, etc. As part of the original approval,
a 200 foot wide buffer between Forest Creek subdivision and the apartment buildings was
retained. A zoning map for the subject is presented below.
The subject property and surrounding properties are within the South MLK Focus Area
within the 2020 Comprehensive Land Use Plan for the Town of Chapel Hill, which was
adopted on June 25, 2012. A map outlining this area is presented on the following page.
FOCUS AREA MAP
As part of the plan, community comments relevant to this focus area include desires that
development be well transitioned and not imposing, that compact urban forms are preferred
and that the gateway character of Chapel Hill be preserved. The Carolina North Forest and
Carolina North campus are important features along this corridor and higher capacity bus
service is anticipated in the future to accommodate future growth. The Land Use Plan
designates the subject property for high-density residential of between 8 and 15 units per
acre. It is noted that the Shadowood Apartments on the south side of Piney Mountain Road
are currently designated R-5, which allows a maximum of 15 units per acre. A Land Use
Map is shown on the following page.
As noted, the subject property is located directly across from Carolina North, which will be
the expansion area for UNC-CH for the next 50 years or more. The initial phase of proposed
development proposes up to 3,000,000 square feet on 133 acres as outlined below. This is
directly across from the southwestern corner of the subject property.
Maps outlining the initial 250 acres of development are presented below.
Renderings of the proposed development along MLK, Jr. Boulevard are shown below.
Comparable campus developments are shown in the following pictures.
In summary, an intensive mixed-use development named Carolina North is approved for the
west side of MLK, Jr. Boulevard, directly across from the subject property, which will
transform an area with limited development to a focal point along this primary corridor. The
scale of development along MLK, Jr. Boulevard will exceed any existing development, with
some buildings up to 8 stories in height.
LAND DESCRIPTION AND ANALYSIS (EXISTING AND PROPOSED)
PROPERTY ANALYSIS
LOCATION
The property is located in the northeast corner of MLK, Jr. Boulevard and Piney Mountain
Road. The property is also located in the southeast corner of MLK, Jr. Boulevard and Timber
Hollow Drive.
LAND AREA
The following table summarizes the subject’s land area.
LAND AREA SUMMARY
Tax ID
9789-37-6215
Address
101 Timber Hollow Ct.
SF
851,467
Acres
19.55
Source: Town of Chapel Hill SUP, 6/1/93
The land area above is based on gross land area, as defined by the Town of Chapel Hill
Planning Department, and includes adjacent right of ways, dedicated open space, etc. The
actual deeded acreage for the property is 17.7745 acres.
SHAPE AND DIMENSIONS
The site is irregular rectangle in shape, with dimensions of approximately 665 feet in width
and 1,170 feet in depth. Site utility based on shape and dimensions is average.
TOPOGRAPHY
The site is gently rolling with elevations from 440 to 480 above mean sea level. The
topography does not result in any particular development limitations.
DRAINAGE
No particular drainage problems were observed or disclosed at the time of field inspection.
This report assumes that surface water collection, both on-site and in public streets adjacent
to the subject, is adequate.
FLOOD HAZARD STATUS
The following table provides flood hazard information.
FLOOD HAZARD STATUS
Community Panel Number
Date
Zone
Description
Insurance Required?
3710978900J
February 2, 2007
X
Outside of 500-year floodplain
No
PAGE 15
ENVIRONMENTAL HAZARDS
An environmental assessment report was not provided for review, and during our inspection,
we did not observe any obvious signs of contamination on or near the subject. However,
environmental issues are beyond our scope of expertise. It is assumed that the property is not
adversely affected by environmental hazards.
GROUND STABILITY
A soils report was not provided for our review. Based on our inspection of the subject and
observation of development on nearby sites, there are no apparent ground stability problems.
However, we are not experts in soils analysis. We assume that the subject’s soil bearing
capacity is sufficient to support the existing improvements.
STREETS, ACCESS AND FRONTAGE
Details pertaining to street access and frontage are provided in the following table.
STREETS, ACCESS AND FRONTAGE
Street
Frontage Feet
Paving
Curbs
Sidewalks
Lanes
Direction of Traffic
Condition
Traffic Levels
Signals/Traffic Control
c
Access/Curb Cuts
Visibility
MLK Jr. Blvd.
773
Asphalt
Yes
Yes
4 to 5
North/South
Good
28,000 ADT (2011)
Yes, at Piney Mtn.
Piney Mountain Rd.
1,265
Asphalt
Yes
Yes
2 to 4
East/West
Good
3,500 ADT (2011)
Yes, at MLK Jr.
None
Good
None
Good
Timber Hollow Ct.
1,090
Asphalt
Yes
Yes
2
E/W/N/S
Good
Light
Stop signs at MLK
Jr. and Piney Mtn.
Yes, 3
Good
Mendel Dr.
605
Asphalt
Yes
Yes
2
East/West
Good
Light
No
Yes, 2
Average
UTILITIES
The availability of utilities to the subject is summarized in the following table.
UTILITIES
Service
Water
Sewer
Electricity
Natural Gas
Local Phone
Provider
OWASA
OWASA
Duke Energy
PSNC Energy
Various providers
ZONING
The subject is zoned R-4, Residential-4, by the Town of Chapel Hill. The R-4 zone is
intended to promote residential use at a maximum density of 10 units per acre. The Special
Use Permit (SUP) allows that density to be exceeded slightly, as 198 units are located on
19.55 acres of gross land area. Specific zoning requirements are summarized in the following
table.
PAGE 16
ZONING SUMMARY
Zoning Jurisdiction
Zoning Designation
Description
Legally Conforming?
Zoning Change Likely?
Permitted Uses
Town of Chapel Hill
R-4
Residential-4
Yes
Recommended in 2020 Land Use Plan
Single-family and multi-family residential
Category
Minimum Lot Area
Minimum Street Frontage (Feet)
Minimum Lot Width (Feet)
Minimum Lot Depth (Feet)
Minimum Setbacks (Feet)
Maximum Building Height
Maximum Site Coverage
Maximum Density
Maximum Floor Area Ratio
Parking Requirement
Zoning Requirement
5500 SF
40
50
N/A
22' from streets, 8' interior and 9' solar
34' primary and 60' secondary
24%/50%/70%
10
0.23
1/dwelling unit for efficiency and 1 BR units,
1.4/dwelling unit for 2 BR units, 1.75/dwelling unit for 3
BR units and 2/dwelling unit for 4 BR units
Existing Special Use Permit allows 198 units maximum;
200' undisturbed buffer along eastern boundary
Other
Source: Town of Chapel Hill Land Use M anagement Ordinance
The current use of the site is a legally conforming use. The proposed rezoning to R-5 would
increase the overall development to 293 units or 14.99 units per gross acre. The 200 foot
buffer with Forest Creek would be preserved and the developer is not requesting a connection
of Mendel Drive through to Old Forest Creek Drive, although that right of way does exist.
The rezoning proposal does entail a request for reduction in the buffer along MLK, Jr.
Boulevard from 50 feet to 30 feet to accommodate the proposed 16 row houses. The
provisions of the proposed zoning are outlined on the following page.
PAGE 17
OTHER LAND USE REGULATIONS
We are not aware of any other land use regulations that would affect the property.
EASEMENTS, ENCROACHMENTS AND RESTRICTIONS
We were not provided a current title report to review. Other than general utility easements,
there is a 65 foot wide Duke Energy easement along the eastern boundary of the property,
adjacent to the Forest Creek subdivision. This easement is part of the 200 foot wide buffer
and is cleared, while the remainder of the buffer is heavily wooded with a mix of hardwoods
and pine.
CONCLUSION OF SITE ANALYSIS
Overall, the physical characteristics of the site and the availability of utilities result in
functional utility suitable for a variety of uses including those permitted by zoning. Uses
permitted by zoning include single-family and multi-family residential. There are no other
particular restrictions on development noted in the analysis.
PAGE 18
RECORDED PLAT
EXISTING SITE PLAN
PAGE 19
PROPOSED SITE PLAN
EXPANDED VIEW-PROPOSED SITE PLAN
PAGE 20
TAX MAP
TOPOGRAPHIC/SOILS MAP
PAGE 21
AERIAL MAP
PAGE 22
FLOOD MAP
PAGE 23
IMPROVEMENTS DESCRIPTION AND ANALYSIS
Existing Project
improvements were constructed in 1987 and are 98% leased as of the effective appraisal date.
The site area for density calculations is 19.55 acres or 851,467 square feet. The deeded land
area is 17.7745 acres or 774,257 square feet. The existing community includes 144 onebedroom units and 54 two-bedroom units. The following description is based on our
inspection of the property, review of apartment data sources and discussions with ownership.
IMPROVEMENTS DESCRIPTION
Ǹame of Property
General Property Type
Property Sub Type
Competitive Property Class
Percent Leased
Number of Buildings
Stories
Construction Class
Construction Type
Construction Quality
Condition
Number of Units
Units per Acre (Density)
Gross Building Area (SF)
Land Area (SF)
Floor Area Ratio (GBA/Land SF)
Building Area Source
Year Built
Year Renovated
Actual Age (Yrs.)
Estimated Effective Age (Yrs.)
Estimated Economic Life (Yrs.)
Remaining Economic Life (Yrs.)
Number of Parking Spaces
Parking Type
Parking Spaces/Unit
Landscaping
Special Features
Multifamily
Garden Apartments
Class B
98%
10
2 to 3
D
Wood frame
Average
Average
198
10.1
156,409
851,467
0.18
Developer
1987
N/A
26
20
50
30
285
Surface asphalt
1.4
Heavily wooded
4,375 SF Clubhouse with pool on Timber Hollow near MLK, Jr.,
with tennis court on Mendel
PAGE 24
EXISTING SITE CONDITIONS
PAGE 25
View facing north along MLK, Jr.
(Photo Taken on February 18, 2013)
View facing south along MLK, Jr.
View facing east along Piney Mountain
View facing access drive from Timber Hollow
View along Piney Mountain from eastern boundary
facing west
View along Duke Energy R/W facing north from
Piney Mountain
PAGE 26
View of buffer facing north from Piney Mountain
View from rear of apartment buildings facing east at
buffer with Forest Creek Subdivision
Interior view facing north on Timber Hollow
View along Mendel facing east toward Forest Creek
View of tennis court (future clubhouse)
View of clubhouse (future 4 story apt. bldg. with 79
units and subgrade parking)
PAGE 27
Proposed Project
The rezoning request is being made to increase the number of apartment units within the area
of existing development by demolishing the existing clubhouse and replacing with 79 units in
a 4 story building, with an additional 16 row house units to be located along the frontage with
MLK, Jr. Boulevard. The increase in total floor area will be from 156,409 square feet to
245,770 square feet or 89,361 square feet. The proposed development will have 293 units.
The clubhouse will be replaced in the area of the existing tennis courts and approximately
110 parking spaces will be added to the development.
The new units will consist of 75 one-bedroom units and 20 two-bedroom units. The existing
tenant base is heavily comprised of UNC-CH graduate students, with the need for additional
housing anticipated with the Carolina North development across MLK, Jr. Boulevard. The
row house design and 4 story building will be more consistent with the design plan of
Carolina North. The 4 story building will be built to LEED-H standards and have belowgrade parking, while the 3 story row houses will have first floor garage parking. The
proposed development will include a renovation to the existing 198 units to consist of Energy
Star appliances, higher-performance windows and showerheads that use less water, all of
which will reduce energy consumption for the existing project. An overview is presented
below.
PAGE 28
The proposed site plans are displayed below.
PROPOSED SITE PLAN
PAGE 29
MARKET SEGMENT OVERVIEW
MARKET SEGMENT OVERVIEW
As of January 2013, the estimated vacancy rate for apartments in Orange County was 5.5%,
which is equal to the overall metro vacancy rate, as outlined below.
According to this report by Carolinas Real Data, 85 units are under construction in this
submarket, with 301 units proposed. The 85 units are Shortbread Lofts on West Rosemary
Street, while Trinitas plans to redevelop the existing Central Park apartments on MLK, Jr.
Boulevard into a 198 unit student housing community. The other 103 proposed units are in
Hillsborough and do not impact the Chapel Hill market. The developments under
construction and proposed in Chapel Hill will have higher price points than Timber Hollow,
due to the enhanced proximity to the UNC-CH campus. While the 123 West Franklin project
will also include apartment units, this will be priced well above the affordability level of
graduate students, the primary component of the Timber Hollow tenant base.
PAGE 30
OVERVIEW OF IMPACT STUDY
OVERVIEW OF IMPACT STUDY
The outline of the existing and proposed development on the subject property has been
previously established. The existing project, which has 198 apartment units, will be expanded
to 293 units with the introduction of a 4 story building with sub-grade parking and 79 units
and 4 row house buildings containing a total of 16 units. The 4 story building will require resiting the clubhouse facility, while the row houses will require a reduction in the buffer area.
While the overall parking ratio of the development will drop slightly, it still exceeds Town
and market standards, particularly since the property is located directly across from a bus
stop and this mode of transportation is predominant for trips to campus. Traffic studies
indicate limited impact from the expanded development. No intrusion into the existing buffer
with Forest Creek subdivision will be required and the developer is not requesting any
connection of Mendel Drive to Old Forest Creek Drive.
This study will determine what impact if any, the new development will have on surrounding
property values.
PAGE 31
CASE STUDIES/EFFECT ON PROPERTY VALUE
To determine if the proposed development will impact adjacent property values, it is
necessary to consider other similar situations in the market area. Uses surrounding the subject
property include a church to the north, a high density apartment project to the south, the
planned Carolina North mixed-use project to the west and Forest Creek subdivision to the
east.
Of these surrounding uses, Shadowood Apartments is a 336 unit apartment project on a site
with a net land area of approximately 16.5 acres (excludes R/W, etc.), which reflects a
density of 20.4 units per net acre. This property is comparable in age to subject and was not
required to provide a buffer on its eastern border with the Coker Woods subdivision.
Meanwhile, the proposed expanded subject will have 293 units on 17.7745 net acres or 16.5
units per net acre. In addition, the subject will maintain the 200 foot wide buffer with Forest
Creek subdivision. As Shadowood is currently a more intensive use than the proposed
Timber Hollow, no adverse impact on Shadowood can be supported.
The church property represents an institutional use, which is generally deemed of equal or
greater intensity to multi-family residential use. In addition, heavy use of the church property
is limited to weekends and the property is adequately buffered from Timber Hollow. No
adverse impact to the church is supported.
On the west side is the proposed Carolina North development, which will be the most
intensive development north of the Chapel Hill CBD. This development will create
significant demand for affordable multi-family residential uses, which the subject
development can fill. The scale of development along the MLK, Jr. Boulevard frontage is
more intensive than proposed for the subject property, so no adverse impact to Carolina
North can be supported.
PAGE 32
After eliminating the possibility of adverse impacts to 3 of the 4 adjacent properties, case
studies are utilized to determine if any adverse impact to the single-family residential use in
Forest Creek subdivision can be supported. The case studies are based on comparison of
single-family uses adjacent to existing multi-family developments to similar uses removed
from multi-family developments. In one instance, a case of similar houses in a residential
subdivision bounded by two different densities of multi-family development were uncovered
to determine if higher density adversely impacted value.
FOREST CREEK, CHAPEL HILL
The initial comparison is within the Forest Creek subdivision in Chapel Hill. Three houses of
similar size, age/condition and features were reviewed, with 2 of the properties adjacent to
the buffer with Timber Hollow, while the 2 other sale properties were removed from the
Timber Hollow property. Two other current listings removed from Timber Hollow were also
considered. A map outlining the location of these properties and a chart indicating unit prices
are presented as follows.
PAGE 33
FOREST CREEK
1
2
3
4
5
6
1
Location
308 Old Forest Creek
104 Linnaeus
Sale Date
9/30/2011
5/8/2012
3/26/2012
Listing
10/27/2010
Listing
Price
$360,000
$400,000
$410,000
$459,000
$485,000
$449,000
Size
2,064
2,240
2,342
2,725
2,836
2,732
Price/SF
$174.42
$178.57
$175.06
$168.44
$171.02
$164.35
GLA based on M LS
Sales 1 and 2 are adjacent to Timber Hollow and represent the highest and third highest unit
prices of the six properties. No adverse impact attributable to multi-family proximity is
evidenced by this paired data.
PAGE 34
COKER WOODS, CHAPEL HILL
Coker Woods is located adjacent to Shadowood Apartments on its eastern border. No recent
sales have occurred in the subdivision, but two similar properties sold in 2007 and 2008, with
the primary difference being proximity to Shadowood Apartments.
PAGE 35
COKER WOODS
Location
1 118 Woodshire
2 117 Woodshire
1
Sale Date
Price
3/27/2008 $375,000
12/21/2007 $391,500
Size
2,366
2,384
Price/SF
$158.50
$164.22
GLA based on Orange Co. GIS
While Sale 2 is at a higher unit price, it is less than 4% higher and there is no buffer between
Coker Woods and Shadowood, which has a moderately higher density than proposed for
Timber Hollow. No material adverse impact is discernible from these paired sales.
PAGE 36
NORTHCLIFT, RALEIGH
Northclift subdivision is located on the west side of Six Forks Road between Millbrook Road
and Lynn Road in north Raleigh. The subdivision is bounded by Shellbrook Apartments to
the south, which is zoned for 6 units per acre, and Ridgewood Apartments and Springs at
Lynn Crest Apartments on Lynn Road, which are zoned for a density of 10 units per acre.
The paired sales are highlighted in yellow below, with the sales on Wintergreen identified as
Sales 1 and 2, while the sales on Killington are identified as Sales 3 and 4.
NORTHCLIFT
1
2
3
4
1
Location
5805 Wintergreen
5801 Wintergreen
320 Killington
400 Killington
Sale Date
4/30/2012
6/18/2010
3/31/2011
12/13/2011
Price
$175,000
$170,000
$154,000
$145,000
Sixe
1,436
1,456
1,250
1,250
Price/SF
$121.87
$116.76
$123.20
$116.00
GLA based on Wake Co. GIS
Sales 1 and 2 exhibit comparable unit prices to Sales 3 and 4, despite the disparity in adjacent
multi-family densities. No adverse impact for increased density is supported.
PAGE 37
STONEHENGE, RALEIGH
Stonehenge is a subdivision in northwest Raleigh off Ray Road. It is bounded to the south by
several apartment communities zoned to a density of 10 units per acre including Sailboat
Bay, Woodlake Downs and Governor’s Point. The highlighted sales (yellow) in Stonehenge
are similar in all respects, but Sales 1 and 2 on Clandon Park adjoin the multi-family uses,
while Sales 3 and 4 on Sutcliffe are removed from the apartments.
STONEHENGE
1
2
3
4
1
Location
3317 Clandon Park
3205 Clandon Park
7905 Sutcliffe
7917 Sutcliffe
Sale Date
3/4/2011
12/6/2012
6/1/2012
8/5/2011
Price
$420,000
$393,000
$385,000
$353,000
Size
3,276
3,093
3,180
3,094
Price/SF
$128.21
$127.06
$121.07
$114.09
The sales proximate to the multi-family actually reflect higher unit prices, so no adverse
impact is evidenced. It is also noted that the higher sales are closest to the physical
connection on Laurel Mountain Road, and this connection, which would be similar if Mendel
Drive was extended, does not adversely impact the residential values.
PAGE 38
HUNTINGTON WOODS, CARY
Huntington Woods subdivision in northwest Cary is located on the north side of Morrisville
Parkway with Legends at Preston Apartments located immediately to the north of the
subdivision. Legends at Preston is a 382 unit apartment project on 32.11 acres, which reflects
a density of 11.9 units per acre. The 2 sales on Boxford are listed as Sales 1 and 2, while the
other two sales are Sales 3 and 4.
HUNTINGTON WOODS
1
2
3
4
1
Location
123 Boxford
119 Boxford
136 Walton's Creek
108 Rock Nest
Sale Date
7/27/2012
8/16/2012
10/25/2012
5/11/2012
Price
$ 193,500
$ 188,000
$ 194,000
$ 199,500
Size
1,603
1,589
1,776
1,618
Price/SF
$120.71
$118.31
$109.23
$123.30
The sales adjacent to the apartment development fall between the range of the sales on the
interior of the subdivision on a unit price basis. No adverse impact from the adjacent
apartment development is indicated.
PAGE 39
COVENTRY WOODS, CARY
Coventry Woods is located in south Cary, just east of the Lochmere community on SE Cary
Parkway. This development is bordered on the west by the Bennington Woods and
Amberwood apartment communities, which have a total of 340 units on 30.92 acres or 11.0
units per acre.
COVENTRY WOODS
1
2
3
4
5
6
7
8
1
Location
116 Stansbury
111 Jersey Ridge
408 Cricketfield
403 Danton
401 Danton
108 Jersey Ridge
700 Cricketfield
410 Danton
Sale Date
4/15/2011
11/19/2012
10/25/2012
7/30/2012
3/6/2012
2/17/2012
2/1/2012
1/31/2012
Price
$364,000
$345,000
$338,000
$308,000
$302,000
$324,000
$324,000
$313,000
Size
3,628
3,183
3,404
2,782
3,475
3,231
3,493
2,952
Price/SF
$100.33
$108.39
$99.29
$110.71
$86.91
$100.28
$92.76
$106.03
Sale 1 is adjacent to the apartment development, with all other sales removed. Sale 1 is the
4th highest unit price of the 8 sales and virtually identical to the average unit price of $100.59
per square foot for the 8 sales. No adverse impact from the adjacent apartment development
is supported.
PAGE 40
CONCLUSION
CONCLUSION
The proposed expansion of Timber Hollow Apartments from 198 units to 293 units will
increase the density of development, consistent with a recommendation for compact urban
forms of the Chapel Hill 2020 Plan. The property is located directly across the street from the
Carolina North project, which will introduce intensive mixed-use development to this area of
Chapel Hill and create a need for additional residential units. The subject is located just north
of Shadowood Apartments, which is zoned R-5 and has a higher development density that
requested for Timber Hollow. Existing or proposed development to the north, south and west
of subject is equal or greater in terms of development intensity to the proposed Timber
Hollow development, so the expansion will not adversely impact those surrounding property
values. As the subject is located along MLK, Jr. Boulevard at a signalized intersection,
intensive development would be anticipated and the 2020 Plan indicates a density of up to 15
units per acre as reasonable for this property, which is what the rezoning request stipulates.
The reduction in the buffer along MLK, Jr. Boulevard to 30 feet will not be inconsistent with
the planned scale and siting of buildings for Carolina North across MLK, Jr. Boulevard.
Based on paired data analysis, no adverse impact can be supported for the proximity of
apartment development to adjacent single-family uses. This is reflected by sales data from
the immediate neighborhood, along with data from Raleigh and Cary. The proposed
expansion will not intrude on the existing 200 foot buffer between Timber Hollow and Forest
Creek subdivision and the developer has no desire or incentive to connect Mendel Drive
through to Old Forest Creek Drive, unless requested by the Forest Creek neighborhood. The
proposed improvements will provide quality, affordable housing to the subject neighborhood,
which will be needed to satisfy housing needs created by the University expansion to
Carolina North. The addition of units will be minimally invasive to the surrounding
neighborhood and will be consistent with development guidelines in the approved 2020 Plan.
Based on my analysis of the proposed Timber Hollow expansion plans requiring a rezoning
of the property to R-5 to allow 293 units, it is my opinion that this project is located,
designed and proposed to be operated so as to maintain or enhance the value of contiguous
property.
PAGE 41
CERTIFICATION
CERTIFICATION
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are our personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this
report and no personal interest with respect to the parties involved.
4. We have performed no other services, as an appraiser or in any other capacity,
regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. Our compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of
this appraisal.
8. Our analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal
practice as well as applicable state appraisal regulations.
9. The reported analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives.
11. Chris R. Morris, MAI, FRICS made a personal inspection of the property that is the
subject of this report.
12. No one provided significant real property appraisal assistance to the person(s) signing
this certification.
13. We have experience in appraising properties similar to the subject and are in
compliance with the Competency Rule of USPAP.
PAGE 42
CERTIFICATION
14. As of the date of this report, Chris R. Morris, MAI, FRICS, has completed the
continuing education program of the Appraisal Institute.
Certified General Real Estate Appraiser
North Carolina Certificate # A266
PAGE 43
ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is based on the following assumptions, except as otherwise noted in the report.
1. The title is marketable and free and clear of all liens, encumbrances, encroachments,
easements and restrictions. The property is under responsible ownership and
competent management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect
the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that
would render the property more or less valuable. Furthermore, there is no asbestos in
the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale price are
in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning,
and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is
given for its accuracy.
This appraisal is subject to the following limiting conditions, except as otherwise noted in the
report.
1. An appraisal is inherently subjective and represents our opinion as to the value of the
property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the
appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without
limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with
this appraisal, and we reserve the right to revise or rescind any of the value opinions
based upon any subsequent environmental impact studies. If any environmental
impact statement is required by law, the appraisal assumes that such statement will be
favorable and will be approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond
to any subpoena or attend any court, governmental or other hearing with reference to
the property without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection
with such matters. Any sketch or survey of the property included in this report is for
illustrative purposes only and should not be considered to be scaled accurately for
size. The appraisal covers the property as described in this report, and the areas and
dimensions set forth are assumed to be correct.
PAGE 44
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any,
and we have assumed that the property is not subject to surface entry for the
exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other legal
matters such as legal title, geologic considerations such as soils and seismic stability,
and civil, mechanical, electrical, structural and other engineering and environmental
matters.
9. The distribution of the total valuation in the report between land and improvements
applies only under the reported highest and best use of the property. The allocations
of value for land and improvements must not be used in conjunction with any other
appraisal and are invalid if so used. The appraisal report shall be considered only in
its entirety. No part of the appraisal report shall be utilized separately or out of
context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraisers, or any reference to the Appraisal Institute) shall
be disseminated through advertising media, public relations media, news media or
any other means of communication (including without limitation prospectuses,
private offering memoranda and other offering material provided to prospective
investors) without the prior written consent of the person signing the report.
11. Information, estimates and opinions contained in the report and obtained from thirdparty sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only for
the purpose of estimating value and do not constitute predictions of future operating
results.
13. If the property is subject to one or more leases, any estimate of residual value
contained in the appraisal may be particularly affected by significant changes in the
condition of the economy, of the real estate industry, or of the appraised property at
the time these leases expire or otherwise terminate.
14. No consideration has been given to personal property located on the premises or to the
cost of moving or relocating such personal property; only the real property has been
considered.
15. The current purchasing power of the dollar is the basis for the value stated in our
appraisal; we have assumed that no extreme fluctuations in economic cycles will
occur.
16. The value found herein is subject to these and to any other assumptions or conditions
set forth in the body of this report but which may have been omitted from this list of
Assumptions and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and
assumptions regarding property performance, general and local business and
economic conditions, the absence of material changes in the competitive environment
and other matters. Some estimates or assumptions, however, inevitably will not
materialize, and unanticipated events and circumstances may occur; therefore, actual
PAGE 45
results achieved during the period covered by our analysis will vary from our
estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We
have not made a specific survey or analysis of the property to determine whether the
physical aspects of the improvements meet the ADA accessibility guidelines. We
claim no expertise in ADA issues, and render no opinion regarding compliance of the
subject with ADA regulations. Inasmuch as compliance matches each owner’s
financial ability with the cost to cure the non-conforming physical characteristics of a
property, a specific study of both the owner’s financial ability and the cost to cure any
deficiencies would be needed for the Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries
and/or affiliates. It may not be used or relied upon by any other party. All parties who
use or rely upon any information in the report without our written consent do so at
their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous
materials on the subject property or in the improvements, and our valuation is
predicated upon the assumption that the subject property is free and clear of any
environment hazards including, without limitation, hazardous wastes, toxic
substances and mold. No representations or warranties are made regarding the
environmental condition of the subject property and the person signing the report
shall not be responsible for any such environmental conditions that do exist or for any
engineering or testing that might be required to discover whether such conditions
exist. Because we are not experts in the field of environmental conditions, the
appraisal report cannot be considered as an environmental assessment of the subject
property.
21. The person signing the report may have reviewed available flood maps and may have
noted in the appraisal report whether the subject property is located in an identified
Special Flood Hazard Area. We are not qualified to detect such areas and therefore do
not guarantee such determinations. The presence of flood plain areas and/or wetlands
may affect the value of the property, and the value conclusion is predicated on the
assumption that wetlands are non-existent or minimal.
22. Integra Realty Resources – Raleigh is not a building or environmental inspector.
Integra Raleigh does not guarantee that the subject property is free of defects or
environmental problems. Mold may be present in the subject property and a
professional inspection is recommended.
23. The appraisal report and value conclusion for an appraisal assumes the satisfactory
completion of construction, repairs or alterations in a workmanlike manner.
24. It is expressly acknowledged that in any action which may be brought against Integra
Realty Resources – Raleigh, Integra Realty Resources, Inc. or their respective
officers, owners, managers, directors, agents, subcontractors or employees (the
“Integra Parties”), arising out of, relating to, or in any way pertaining to this
engagement, the appraisal reports, or any estimates or information contained therein,
the Integra Parties shall not be responsible or liable for any incidental or
consequential damages or losses, unless the appraisal was fraudulent or prepared with
PAGE 46
gross negligence. It is further acknowledged that the collective liability of the Integra
Parties in any such action shall not exceed the fees paid for the preparation of the
appraisal report unless the appraisal was fraudulent or prepared with gross
negligence. Finally, it is acknowledged that the fees charged herein are in reliance
upon the foregoing limitations of liability.
25. Integra Realty Resources – Raleigh, an independently owned and operated company,
has prepared the appraisal for the specific purpose stated elsewhere in the report. The
intended use of the appraisal is stated in the General Information section of the report.
The use of the appraisal report by anyone other than the Client is prohibited except as
otherwise provided. Accordingly, the appraisal report is addressed to and shall be
solely for the Client’s use and benefit unless we provide our prior written consent.
We expressly reserve the unrestricted right to withhold our consent to your disclosure
of the appraisal report (or any part thereof including, without limitation, conclusions
of value and our identity), to any third parties. Stated again for clarification, unless
our prior written consent is obtained, no third party may rely on the appraisal report
(even if their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and
reasonably foreseeable future occurrences. These estimates are based partly on
property information, data obtained in public records, interviews, existing trends,
buyer-seller decision criteria in the current market, and research conducted by third
parties, and such data are not always completely reliable. Integra Realty Resources,
Inc. and the undersigned are not responsible for these and other future occurrences
that could not have reasonably been foreseen on the effective date of this assignment.
Furthermore, it is inevitable that some assumptions will not materialize and that
unanticipated events may occur that will likely affect actual performance. While we
are of the opinion that our findings are reasonable based on current market conditions,
we do not represent that these estimates will actually be achieved, as they are subject
to considerable risk and uncertainty. Moreover, we assume competent and effective
management and marketing for the duration of the projected holding period of this
property.
27. All prospective value estimates presented in this report are estimates and forecasts
which are prospective in nature and are subject to considerable risk and uncertainty.
In addition to the contingencies noted in the preceding paragraph, several events may
occur that could substantially alter the outcome of our estimates such as, but not
limited to changes in the economy, interest rates, and capitalization rates, behavior of
consumers, investors and lenders, fire and other physical destruction, changes in title
or conveyances of easements and deed restrictions, etc. It is assumed that conditions
reasonably foreseeable at the present time are consistent or similar with the future.
PAGE 47
ADDENDUM A
APPRAISER QUALIFICATIONS
Raleigh
Experience
8382 Six Forks Road
Suite 200
Raleigh, NC 27615
Managing Director of Integra Realty Resources-Raleigh. Mr. Morris has been actively engaged in real
estate since 1986. He joined Integra after 11 years as a Principal with Shaw Boykin & Morris. Prior to
becoming Principal, he was a Staff Appraiser for 6 years with Shaw/Boykin & Associates. Before
joining Shaw/Boykin & Associates, Mr. Morris worked as a Staff Appraiser and Utilities Agent for the
N.C. Department of Transportation. Mr. Morris has a broad range of experience in valuation and
analysis of many types of real estate.
T 9198471717
F 9198471714
irr.com
Professional Activities & Affiliations
Member: Appraisal Institute, June 1992
Board of Director: NC Chapter Appraisal Institute, January 2008 - December 2010
Royal Institute of Chartered Surveyors, Fellow (FRICS) , June 2012
Affiliate: International Right of Way Association, October 2010
Licenses
North Carolina, State Certified General Real Estate Appraiser, A266, Expires June 2013
North Carolina, State Licensed Real Estate Broker, 084603, Expires June 2013
Virginia, State Certified General Real Estate Appraiser, 4001 015036, Expires August 2014
South Carolina, State Certified General Real Estate Appraiser, CG 6958, Expires June 2014
Education
B.A. Degrees, Economics and Organizational Behavior & Management, Brown University, Providence,
RI (1984)
Real Estate courses completed are as follows:
Report Writing and Valuation Analysis
Standards of Professional Practice
Case Studies in Real Estate Valuation
Capitalization Theory & Techniques, Part B
Capitalization Theory & Techniques, Part A
Residential Valuation
Basic Valuation Procedures
Real Estate Appraisal Principles
Principles of Real Estate Management
Commercial Real Estate Finance
Commercial/Industrial Real Estate
Cost Estimating
Construction Methods and Materials
Real Estate Brokerage Operations
Real Estate Finance
Real Estate Law
Fundamentals of Real Estate
[email protected] - 919-847-1717 x101
Integra Realty Resources, Inc.
Corporate Profile
Integra Realty Resources, Inc. offers the most comprehensive property valuation and counseling coverage in
the United States with 61 independently owned and operated offices in 33 states. Integra was created for the
purpose of combining the intimate knowledge of well-established local firms with the powerful resources and
capabilities of a national company. Integra offers integrated technology, national data and information
systems, as well as standardized valuation models and report formats for ease of client review and analysis.
Integra’s local offices have an average of 25 years of service in the local market, and each is headed by a
Managing Director who is an MAI member of the Appraisal Institute.
A listing of IRR’s local offices and their Managing Directors follows:
ATLANTA, GA - Sherry L. Watkins., MAI, MRICS
AUSTIN, TX - Randy A. Williams, MAI, SR/WA, FRICS
BALTIMORE, MD - G. Edward Kerr, MAI, MRICS
BOISE, ID - Bradford T. Knipe, MAI, ARA, CCIM, CRE, FRICS
BOSTON, MA - David L. Cary, MAI, MRICS
CHARLOTTE, NC - Fitzhugh L. Stout, MAI, CRE, FRICS
CHICAGO, IL - J. Denis Gathman, MAI, CRE, FRICS, SRA
CHICAGO, IL - Eric L. Enloe, MAI, MRICS
CINCINNATI, OH - Gary S. Wright, MAI, SRA, FRICS
CLEVELAND, OH - Douglas P. Sloan, MAI
COLUMBIA, SC - Michael B. Dodds, MAI, CCIM, MRICS
COLUMBUS, OH - Bruce A. Daubner, MAI, FRICS
DALLAS, TX - Mark R. Lamb, MAI, CPA, MRICS
DAYTON, OH - Gary S. Wright, MAI, SRA, FRICS
DENVER, CO - Brad A. Weiman, MAI, MRICS
DETROIT, MI - Anthony Sanna, MAI, CRE, FRICS
FORT WORTH, TX - Donald J. Sherwood, MAI, SR/WA, FRICS
GREENSBORO, NC - Nancy Tritt, MAI, SRA
GREENVILLE, SC - Michael B. Dodds, MAI, CCIM, MRICS
HARTFORD, CT - Mark F. Bates, MAI, CRE, FRICS
HOUSTON, TX - David R. Dominy, MAI, CRE, FRICS
INDIANAPOLIS, IN - Michael C. Lady, MAI, SRA, CCIM, MRICS
JACKSONVILLE, FL - Robert Crenshaw, MAI
KANSAS CITY, MO/KS - Kenneth Jaggers, MAI, FRICS
LAS VEGAS, NV - Shelli L. Lowe, MAI, SRA, MRICS
LOS ANGELES, CA - John G. Ellis, MAI, CRE, FRICS
LOS ANGELES, CA - Matthew J. Swanson, MAI
LOUISVILLE, KY - George M. Chapman, MAI, SRA, CRE, FRICS
MEMPHIS, TN - J. Walter Allen, MAI, MRICS
MIAMI/PALM BEACH, FL - Scott M. Powell, MAI
MINNEAPOLIS, MN - Michael Amundson, MAI, CCIM, MRICS
NAPLES, FL - Carlton J. Lloyd, MAI
NASHVILLE, TN - R. Paul Perutelli, MAI, SRA, MRICS
NEW JERSEY COASTAL - Anthony M. Graziano, MAI, CRE, FRICS
NEW JERSEY NORTHERN - Barry J. Krauser, MAI, CRE, FRICS
NEW YORK, NY - Raymond T. Cirz, MAI, CRE, FRICS
ORANGE COUNTY, CA - Larry D. Webb, MAI, FRICS
ORLANDO, FL - Charles J. Lentz, MAI, MRICS
PHILADELPHIA, PA - Joseph Pasquarella, MAI, CRE, FRICS
PHOENIX, AZ - Walter Winius, Jr., MAI, CRE, FRICS
PITTSBURGH, PA - Paul D. Griffith, MAI, CRE, FRICS
PORTLAND, OR - Brian A. Glanville, MAI, CRE, FRICS
PROVIDENCE, RI - Gerard H. McDonough, MAI
RALEIGH, NC - Chris R. Morris, MAI, FRICS
RICHMOND, VA - Kenneth L. Brown, MAI, CCIM, MRICS
SACRAMENTO, CA - Scott Beebe, MAI, FRICS
ST. LOUIS, MO - P. Ryan McDonald, MAI
SALT LAKE CITY, UT - Darrin Liddell, MAI, CCIM, MRICS
SAN ANTONIO, TX - Martyn C. Glen, MAI, CRE, FRICS
SAN DIEGO, CA - Jeff Greenwald, MAI, SRA, FRICS
SAN FRANCISCO, CA - Jan Kleczewski, MAI, FRICS
SARASOTA, FL - Carlton J. Lloyd, MAI
SAVANNAH, GA - J. Carl Schultz, Jr., MAI, SRA, CRE, FRICS
SEATTLE, WA - Allen N. Safer, MAI, MRICS
SYRACUSE, NY - William J. Kimball, MAI, FRICS
TAMPA, FL - Bradford L. Johnson, MAI, MRICS
TULSA, OK - Robert E. Gray, MAI, FRICS
WASHINGTON, DC - Patrick C. Kerr, MAI, SRA, FRICS
WILMINGTON, DE - Douglas L. Nickel, MAI, FRICS
IRR de MEXICO - Oscar J. Franck Terrazas, MRICS
IRR CARIBBEAN - James Andrews, MAI, FRICS
Corporate Office
1133 Avenue of the Americas, 27th Floor, New York, New York 10036
Telephone: (212) 255-7858; Fax: (646) 424-1869; E-mail [email protected]
Website: www.irr.com
ADDENDUM B
LETTER OF AUTHORIZATION

site specific information

Transcription

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